The Rs 730-crore initial public offering (IPO) of real estate developer Signature Global (India) will open for subscription on September 20, and the three-day bidding process will conclude on September 22.
NSE
The realty player has fixed a price band of Rs 366-385 per equity share for the issue, where investors can bid for a minimum of 38 equity shares in one lot and in multiples thereafter.
The IPO includes a fresh issue of equity shares aggregating up to Rs 603 crore and an offer for sale (OFS) of equity shares aggregating up to Rs 127 crore by its selling shareholder International Finance Corporation.
Signature Global aims to raise Rs 730 crore considering the upper end of the price band of the IPO. The issue size has been reduced from Rs 1,000 crore planned earlier.
Proceeds from the fresh issue of equity shares will be utilised towards debt repayment, infusion of funds in certain subsidiaries, inorganic growth through land acquisitions and general corporate purposes.
The offer is being made through a book-building process, where 75 percent of the IPO has been set aside for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 10 percent for retail investors.
For the year ended March 2023, the company has posted a net loss of Rs 63.7 crore, while it has recorded a revenue of Rs 1,585.8 crore during the same period.
ICICI Securities, Axis Capital and Kotak Mahindra Capital Company are the book-running lead managers to the issue, while Link InTime India is the registrar.
The company is expected to fix the basis of IPO share allotment by September 27, and refunds will be credited to bank accounts of unsuccessful investors by September 29. The company's shares are likely to be credited to the demat accounts of eligible allottees by October 3.
Signature Global shares are proposed to be listed on both BSE and NSE on October 4.
Signatureglobal started operations in 2014 through its subsidiary Signature Builders with the launch of 'Solera' project on 6.13 acres of land in Gurugram, Haryana.
"We have grown our operations over the years and in less than a decade, and as of March 31, 2022, we sold 23,453 residential and commercial units, all in the Delhi-NCR, with an aggregate saleable area of 14.59 million square feet," according to the company's DRHP.